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In the final week of June, we noted that inventory actually declined on a year -overyear basis for the first time since last April. This substantial slowdown was primarily driven by fewer potential sellers opting to list their home and the market which lapped the period of higher inventory growth that started in May of last year.

In June, the number of homes newly-listed for sale declined by 25.7% compared to the same time last year. . . . new listings remained 27.6% below prepandemic 2017 to 2019 levels.

In fact, the pace of new home listings year to date is even 16.4% lower than in the first half of 2020 when the real estate market was still contending with pandemic-era closures, restrictions, and uncertainties, highlighting just how short-on-newoptions buyers in today’s market really are.